SAN DIEGO (April 10, 2018) – Steve Hollister, senior vice president at NorthMarq Capital’s San Diego regional office, negotiated the $12 million refinance of a 140-unit multifamily property located in Boise, Idaho. The transaction was structured with a 15-year term and a 30-year amortization schedule. NorthMarq arranged financing for the borrower through its correspondent relationship with a life insurance company.
“The interest rate was locked in August 2017 when the asset was under construction and 50 percent leased,” explained Hollister. “The lender provided 9 months from rate lock to funding to allow for completion of construction and stabilization, enabling the borrower to mitigate interest rate risk. The 65 percent LTV, 15/30 loan was priced at 165 bps over the 15-year US Treasury.”